Three captive insurance companies surrendered their licences in 2023, taking its total number of captives at year-end down to 64.
The 64 includes 39 insurance captives and 24 reinsurance captives, according to data provided by the Central Bank of Ireland.
Despite the decrease in the number of captives, the gross written premium rose to €1.8bn, compared to €1.4bn in 2022, and assets under management (AuM) rose to €7.9bn, up from €7bn the prior year.
The surrendered licences include Volkswagen Reinsurance Company DAC, which was originally formed by the car manufacturer in 2017 to reinsure its international employee benefits programme.
Volkswagen still owns and self-manages the active Volkswagen Insurance Company DAC that was formed in 1991.
Although the number of active captives in Ireland has trended downwards in recent years, Captive Intelligence reported in November 2023 that there was a sense of optimism the domicile could get “back on the radar” with regulatory improvements from the Central Bank of Ireland.